Bitcoin Breaks the $3,450 Mark Amid Minor Stock Market Sees Downturn

At press time, Bitcoin is up three-quarters of a percent on the day, trading at around $3,462, according to CoinMarketCap. Looking at its weekly chart, the current price is just over half of a percent lower than $3,484, the price at which Bitcoin started the week.Ethereum (ETH), the second-largest altcoin by market cap, has seen its value increase by nearly four percent over the last 24 hours. At press time, ETH is trading around $109, after having started the day at $105. On the weekly chart, Ethereum’s current value is higher than $107, the coin’s price one week ago. Moreover, the current price is also nearly a percent lower than $110, the mid-week high reported on Feb. 3.The stock market is seeing a minor downturn, with the S&P 500 down 0.69 percent today and Nasdaq down 0.7 percent. The CBOE Volatility Index (VIX), on the other hand, has gained 6.72 percent of its value on the day at press time.Major oil futures and indexes are seeing mixed market movements, with WTI Crude down 0.15 percent and Brent Crude up 0.37 percent. Mars US, on the other hand, is down 1.12 percent, Opec Basket up 0.37 percent and the Canadian Crude Index down 0.36 percent, according to news broke that, according to a leaked interview with a commissioner, a Bitcoin exchange-traded fund (ETF) will most likely ultimately gain approval from the United States securities regulator.

Crypto Market Explodes, Bitcoin Gains 8%

Bitcoin jumped by more than 8% in the past 24 hours and is trading close to USD 3,700, while Litecoin (LTC) registered strongest gains among top 10 coins (+28%). LTC was the first among top 10 coins that suddenly jumped this Friday.As everyone tries to guess the reason for the explosion, according to The Independent, the latest rise follows news that bitcoin’s hashrate – the amount of computing power its network consumes – is at its highest level since November 2018.”Something needs be the catalyst to get things going again. Unfortunately, global uncertainty for a multitude of reasons is driving many to become more risk averse and so whatever that spark is, it needs to be significant,” Thomas was quoted as saying.Meanwhile, recently, some members of the cryptoverse were discusing the prospect of Bitcoin’s price falling under USD 3,000. Vinny Lingham, general partner at crypto fund Multicoin Capital and the CEO at blockchain company Civic, said that “If we break below USD 3,000 for Bitcoin, ‘crypto winter’ will become ‘crypto nuclear winter’…”

Jp morgan argues bitcoin only valuable in a ‘dystopian’ environment

In a note to clients published last week, JPMorgan analyst Jan Loeys poured cold water on Bitcoin’s value proposition. Loeys, who is also JPMorgan managing director said that the top-ranked cryptocurrency would only have real value in a dystopian situation.The JPMorgan analyst says that there are easier to use instruments with greater liquidity for investors to call upon in such times. Admittedly, printing money out of thin air and using it to bail out insolvent banks would indeed be much simpler for JPMorgan.Commenting further, Loeys opined that the prolonged cryptocurrency bear market makes Bitcoin an unsuitable haven asset. This assertion comes even as there is a consensus among analysts on the absence of correlation between BTC $3463.17 +0.2% and traditional assets.

Bitcoin sinks to its lowest level of the year (BTC)

Bitcoin, the largest cryptocurrency by market cap, was down as much as 4.8% to below $3,388 a coin early Monday, printing at its lowest level since December 17, 2018.Investors in the digital currency saw its price explode in 2017 as cryptomania swept over the world. Bitcoin began 2017 worth less than $1,000 a coin before soaring more than 2,000% to a high of $19,511. However, the year of 2018 was a different story, with the cryptocurrency’s value plunging by 70%.

Bitcoin (BTC) Holds Steady Around $3,600 as Altcoins Drift Downwards

At the time of writing, Bitcoin is trading down nominally at its current price of $3,590. Over the past week, Bitcoin has been caught in a trading range between $3,550 and $3,650, and it has been unable to decisively break above or below either price level.Although this sentiment is cautiously bullish, DonAlt, another popular cryptocurrency analyst, shared a more bearish sentiment in a recent tweet, noting that he believes a break below $3,000 appears to be more likely than a break above $4,000.XRP has also dropped today and is trading down nearly 2% at its current price of $0.31. XRP has failed to experience any significant rally since it dropped earlier today, leaving it right above its weekly lows of just over $0.30.

Bitcoin Investors Are Abandoning Crypto for Gold during the Bear Market: Vaneck CEO

Bitcoin investors are abandoning crypto in favor of traditional commodities like gold amid the prolonged market slump. That’s the observation of Jan Van Eck, the CEO of investment management firm VanEck Associates.If gold is climbing, this is good news for Jan Van Eck, because his firm launched the first gold equity fund in the United States back in 1968. And in 2016, it rolled out the first gold miners ETF.On January 25, President Donald Trump signed a temporary spending bill that will reopen the government until February 15. After that, if Trump and Congress are still unable to negotiate a solution for border wall funding, it’s possible (though unlikely) that another shutdown could occur.

Binance CEO: ‘We’re Still at the Beginning of the Beginning’ of Bitcoin Revolution

Bitcoin billionaire Changpeng Zhao has an encouraging message for crypto fans who fear they missed the boat on the cryptocurrency bandwagon: The bitcoin revolution is still “at the beginning of the beginning,” so you haven’t missed anything yet.Despite the protracted market slump, diehard believers like Changpeng Zhao are undeterred in their vision of a dazzling crypto revolution that will disrupt whole industries, including the legacy financial system.That’s the same exuberant outlook that tech billionaire Tim Draper has about the crypto industry. Draper boldly predicts that crypto will eventually overtake fiat money to make up two-thirds of the world’s total currency value.Draper is an unapologetic crypto evangelist who stands by his bullish $250,000 bitcoin price target for 2022. Short-term market setbacks do not unnerve him the way they do people with short-term, day-trader mindsets.Draper says crypto is a disruptive, game-changing revolution. And, as French novelist Victor Hugo observed, nothing can stop an idea whose has time.

Mt. Gox to Live Again, Bitcoin Is ‘Honestly Useless,’ and Jack Dorsey Likes Lightning Network: This Week in Crypto

Pierce is arguably the only shareholder in the failed exchange. The news of Mt. Gox’s failurewas many people’s first introduction to Bitcoin, and Pierce wants to write a happy ending to that dark chapter of the Bitcoin movement.The crypto markets finally had a wildly volatile week, the first one in quite awhile, although the massive gains didn’t begin until the end of the business of week. Late Thursday and all day Friday, Bitcoin shoved off its downward slide, crushing shorts and slaying bears along the way.A video finally bubbled to the surface this week of Ethereum creator Vitalik Buterin thrashing“centralized piles of trash” that over-promise transactions per second. Buterin questioned the soundness of alternative models to Ethereum and poked fun at the relatively small amount of decentralization in some.Cryptographer and skein algorithm creator Bruce Schneier went on a rampage against cryptocurrency. Around the same time, we learned from some magazine that while CCN is the most-read crypto news outlet, Bitcoin doesn’t even rate on the list of top blockchain platforms. Erstwhile, a federal regulator assures us all that a Bitcoin ETF is inevitable.

Bitcoin, Altcoins Are Vulnerable to New Lows, Fundstrat Warns Clients

Writing to traders, one strategist at the firm, Robert Sluymer, forecast that on the basis of current performance, there was a chance Bitcoin (BTC) and altcoin prices could dip further.Fundstrat is known within the cryptocurrency space for providing some of the more upbeat narratives on the future of Bitcoin in particular. Enthusiasm appeared to wane in recent months, however, with popular senior Fundstrat strategist Tom Lee announcing he would no longer make public predictions about BTC/USD in December 2018.Belief in a broad market resurgence in 2019 remains patchy among other major proponents.“We are tired of people asking us about target prices,” Bloomberg quoted him as telling clients at the time, nonetheless adding he thought Bitcoin’s fair value should be worth $150,000. While John McAfee has infamously stuck by his $1 million prediction for next year, cryptocurrency exchange Quoine’s CEO also toldhe thinks Bitcoin will break its all-time highs of $20,000 within the next eleven months.

Bitcoin Trading Reaches All Time High in Venezuela Amidst Ongoing Economic Collapse

Bitcoin weekly trading volumes reached above 2,000 BTC (about $6.8 million) on peer-to-peer (P2P) exchange LocalBitcoins during the week ending Feb. 2.The recorded trade volumes on LocalBitcoins are just a fraction of overall estimated Bitcoin trading by Venezuelans. As TrustNodes reports, a large amount of trading is taking place on centralized exchanges located in neighboring countries, such as Colombia and Brazil.Despite having the largest oil reserves in the world, Venezuela’s economy has reportedly fallen by 47 percent since the end of 2013. The economic situation in the country was worsened by the sanctions by the United States adopted in 2017, which targeted the regime of Venezuelan president Nicolás Maduro. Last month, the U.S. announced additional sanctions against the country’s state-owned oil company, PDVSA.On Jan. 31, Venezuela officially adopted a new bill on crypto regulation that introduces the concept of a sovereign crypto asset, which represents any currency issued in Venezuela and authorized by the government. The bill also lists required licenses for mining and crypto exchanges businesses, and introduces fines for unlicensed activities.